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Buoyed by a strong performance in the manufacturing and farm sectors, the Indian economy grew at 15-quarter high of 8.2 per cent in the April-June quarter of current fiscal, according to the government data released on Friday. With this, India established its position as the fastest growing major economy, clocking higher expansion rate than China’s 6.7 in the same quarter.
The gross domestic product (GDP) at constant (2011-12) prices in the first quarter of 2018-19 is estimated at Rs 33.74 lakh crore, as against Rs 31.18 lakh crore in Q1 of 2017-18, showing a growth rate of 8.2 per cent, a Central Statistics Office statement said.
According to the statement, the quarterly GVA (Gross Value Added) at basic price at constant (2011-2012) prices for Q1 of 2018-19 is estimated at Rs 31.63 lakh crore, as against Rs 29.29 lakh crore in Q1 of 2017-18, showing a growth rate of 8 per cent over the year-ago period.
The previous high quarterly GDP growth was recorded in July-September period in 2014-15 at 8.4 per cent.
Reflecting on the GDP figures, Economic Affairs Secretary S C Garg said the robust GDP performance in the first quarter raises hope of exceeding estimates of 7.5 per cent for current fiscal. Finance Minister Arun Jaitley said the GDP growth “represents the potential of New India” in otherwise an environment of global turmoil.
As per the data, the quarterly GVA at basic prices for Q1 2018-19 from ‘manufacturing’ sector grew by 13.5 per cent as compared to contraction of 1.8 per cent in Q1 2017-18.
The Quarterly GVA at basic prices for Q1 2018-19 from ‘agriculture, forestry and fishing’ sector grew by 5.3 percent as compared to growth of 3 percent in Q1 2017-18.
With PTI inputs